Bitcoin (BTC) price spent the day in a close range between $ 32,000 and $ 34,000. At the time of writing, the digital asset is pinned under the declining resistance in the trend line and every attempt to cross it is achieved by selling.
Data from Cointelegraph Markets and TradingView show a price increase of 4.14% for the top cryptocurrency, which is currently trading at $ 33,840.
In light of the sideways price action, Ki Young Ju, CEO of cryptocurrency analysis firm CryptoQuant, spotted a potential bullish indicator This could indicate a price breakout in the near future for Bitcoin.
According to Ju, more than 15,000 Bitcoin were recently withdrawn from Coinbase Pro with the outflow of ‘wallets with only current transactions’, indicating that the purchases are likely ‘OTC transactions of institutional investors’. Rallies have followed similar outflows in the past, and Ju see this is a sign that BTC will protect $ 33,000 in the short term.
Financial markets are still dealing with the antics of r / Wallstreetbets, which has expanded via r / Satoshistreetbets to the cryptocurrency sector and helped launch the recent pumps in the price of Dogecoin (DOGE) and now XRP.
After a 147% rise to trade at $ 0.76 overnight, the XRP price corrected by 47% and the altcoin is currently trying to repeat the $ 0.40 level.
In other news, Kraken cryptocurrency exchange has joined Grayscale Investments in its bid to fight back against the proposed FinCEN self-held wallet and the U.S. government’s STABLE Act.
The exchange awarded $ 100,000 to Coin Center, a Washington DC-based cryptocurrency advocacy group that focuses on educating regulators about digital assets while also promoting the rights of crypto users.
Silver rises higher after r / Wallstreet bets on short sellers
Traditional markets rose in most sectors, helping to recover some of the losses from 29 January. The S&P 500, Dow and NASDAQ all benefited from the positive price action on February 1 and closed the day with 1.61%, 0.76%. and 2.5%, respectively.
As announced over the weekend, members of the r / Wallstreetbets investment group turned their attention to the precious metals market and pushed the silver futures above $ 30, the highest price level since 2013.
The market has cooled slightly since then, and SLV is currently trading at $ 29.07.
Decentralized exchanges are central
DeFi-related tokens are still performing well as the battle between Uniswap and Sushiswap heats up and the top two DEXs increase trading volume, along with appreciating the price of their original tokens.
Both tokens rose to 2021 highs. The price of UNI rose by 17% and traded at $ 20.44, while SUSHI rose by 28% and traded at $ 12.73.
Binance Coin (BNB) was the best 24-hour coin over the past 24 hours, currently up 12.91% and trading at $ 49.51. Meanwhile, the NEO-based DeFi platform, Flamingo (FLM), is up 38.19% and is trading at $ 0.305, strengthened by a continuous voting on management by drawing holders.
The overall market capitalization for cryptocurrency is now about $ 1 trillion and Bitcoin’s dominance rate is 62.5%.